Spice Money: Industry Monitoring 24 April 2019
- Priyanka Kanodia
- Apr 30, 2019
- 4 min read
Spice Money
Competitors
RBI approves proposal of HDFC for holding 9.9% stake in Bandhan Bank
Publication- Money Control
Edition- Online
Date- 24 April, 2019
The Reserve Bank of India (RBI) has given its nod to HDFC Ltd for acquiring up to 9.9 per cent stake in Bandhan Bank following the Gruh Finance deal. Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over by Bandhan Bank in a share-swap deal in January. After the announcement of the deal, an application was made by HDFC to the RBI for holding shares in Bandhan Bank, HDFC Ltd said in a regulatory filing on Tuesday. The RBI on Monday granted approval to HDFC to acquire shareholding of 9.9 per cent or less of the paid-up capital of Bandhan Bank upon the effective date of scheme of amalgamation, it said.
The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance and Bandhan Bank, it said. The Gruh Finance deal will reduce stake of Bandhan Financial Holdings Ltd in Bandhan Bank to about 61 per cent from the current 82 per cent. The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.
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Industry News
How and why to download UPI app on your mobile?
Publication- The Times of India
Edition- Online
Date- 24 April, 2019
Unified Payments Interface (UPI) is an indigenous mobile payment system meticulously developed by National Payments Corporation of India (NPCI) in 2016. UPI helps users to have a quick and easy way of money transaction without entering detailed account information.
Fund transfer has become convenient after the launch of UPI. It has become a preferred choice of many as it is safe and secure to use. UPI app can be downloaded in both Android and iOS devices.
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Mayfield India, Axilor back B2B payments platform EnKash
Publication- VC Circle
Edition- Online
Date- 24 April, 2019
Business-to-business payments platform EnKash has raised $3 million (Rs 20.9 crore) in its Series A round of funding from Mayfield India and Axilor Ventures. The company, which is operated by Nehat Tech Solutions Pvt. Ltd, said in a statement that it will use the fresh capital to upgrade its technology and ramp up its leadership team. EnKash, which was founded two years ago by Yadvendra Tyagi, Hemant Vishnoi and Naveen Bindal, is an integrated platform connecting corporates, vendors and credit providers.
It helps businesses manage their purchase orders and invoices, and enable and track payments to suppliers or from buyers. It counts private-sector lenders Kotak Mahindra Bank and ICICI Bank among its clients. "Businesses in India have been struggling with manual payment processes for a long time,” said Yadvendra Tyagi, co-founder and chief executive officer of EnKash. “We are easing out B2B payment problems for thousands of businesses today.”
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Cashaa adds Mastercard and Visa credit/debit card for crypto purchases
Publication- Money Control
Edition- Online
Date- 24 April, 2019
Cashaa announced the launch of its credit and debit card functionality to allow users to securely buy Bitcoin, Ethereum and CAS. The service is enabled on all Personal and Business accounts all over the world excluding the USA. This functionality was constantly being asked by our existing personal users from more than 109 countries. There is no major wallet like Blockchain.info or Bitgo that are offering this service, while the ones who are offering it, are charging higher markup fees on Bitcoin. Enabling this feature will allow our wallet users to buy crypto as an e-commerce experience without paying high fees within their multi-sig wallet. There will be no hidden or markup fees on Bitcoin price." - Kumar Gaurav, CEO.
Existing industry average prices when buying through cards are around 9-12 percent which includes the card processing fee, platform fee and most importantly, a markup on Bitcoin price. Cashaa's card processing fee for European cards will be 4 percent while for non-EU cards, the fee will be 5 percent. Cashaa will also charge a service fee of 1.49 percent , which can be reduced to 0.75 percent for personal users and 0.40 percent for business users if paid in CAS tokens. Aside from cheaper and transparent pricing, users can also enjoy higher limits up to 10,000 Euros for card payments.
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Razorpay launches payment pages
Publication- Money Control
Edition- Online
Date- 24 April, 2019
Razorpay announced the launch of its Payment Pages. Convenient and cost-effective, Razorpay Payment Pages is designed to help all kinds of businesses accept online payments with zero integration and minimum set-up, without any hosting costs, maintenance charges or fixed fees. India’s biggest business unit, SMEs, account for 30 percent of the country’s GDP. However, 68 percent of these small and mid-sized businesses do not have any web presence, especially in Tier 2 & 3 cities. Considering the fact that consumers today expect to pay for products and services online through default modes such as Cards and UPI, it is imperative for businesses to be technologically enabled to accommodate them.
Offering online payments to customers especially in the absence of a website or mobile app can be a long daunting process, requiring time and resources that many small businesses cannot afford. Razorpay Payment Pages is designed to address this pertinent need by helping businesses create a payment page in less than five minutes and go live without any customer support. Some businesses, sometimes, seek to collect payments for a one-time campaign where a separate integration could be cumbersome and time-consuming; Razorpay Payment Pages helps launch a customised page in minutes with a shareable link for multiple use.
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